Double your revenue without working harder
Double your revenue without working harder Vertical

Double your revenue without working harder

Read the Article

One of the most damaging beliefs most firm owners have is thinking that in order to increase their revenue, they simply have to work more hours and add more clients. 

Most firm owners:

  • Try to get as many clients as possible or take on anyone that walks through their door.
  • Answer “quick questions” and do free work.
  • Work as much as possible, especially during tax season, until they’re completely burned out.
  • Have no clue what to charge, so they wing it with each client.
  • Send proposals or quotes, and hear crickets while they wait for a response.
  • Give discounts and negotiate fees.
  • Sacrifice their health and personal life for their firm and clients.
  • Miss out on precious time with friends and family that they’ll never get back.

This is the “cross your fingers” method of running your accounting or tax firm. You do ALL of this work and cross your fingers, hoping your revenue will increase, and that you will have the time and freedom you have been dreaming of.

This is exactly why so many firm owners are struggling and can barely keep their head above water.

The good news is that there is a MUCH better way. In fact, hundreds of accounting and tax professionals double their firm revenue while working FEWER hours, let go of the clients that aren’t a fit for them, and eliminate the exhaustion and burnout they’d all been feeling for years (and sometimes decades) just by following a few simple steps.

Step 1: Determine your value

If you’re reading this, you are most likely NOT charging the fees you want to charge. Maybe you’re winging it with every client and don’t even have a set fee structure, or constantly doing “favors” for clients like answering quick questions and not charging for work that you do.

One of the root causes of this is not having a clear picture of the value you bring to your clients. Your clients and potential clients have a MASSIVE problem that will not get solved by itself. You are the expert and they need YOU, not the other way around. 

Higher fees actually show that you are the expert, and will attract higher value clients (instead of anyone just looking for the cheapest deal). Starting to charge what you’re REALLY worth attracts the right clients, while allowing you to gain back time and freedom without losing any money. 

Let’s see how much you’re really worth! 

List out your strengths, experience, and accomplishments. Compile stories and testimonials from people you have helped and what results have you gotten for them. Think about how much time, money, and energy you have spent to get to where you are today.

When you’re done, you will see that you are massively undercharging for your services, by AT LEAST 200-300%, and you’re likely doing a TON of free work for your clients.

But right now you’re probably thinking, “That sounds awesome, but nobody would ever pay me 200-300% more, especially when they’ve been getting it for free!”

They most certainly will pay you that much, but only if you present your services the correct way.

Step 2: Clearly communicate your services 

Firm owners often think they have a lead problem when they actually have a communication problem. They simply don’t know how to communicate in a way that shows clients the value of paying premium fees for recurring services.

As a firm owner, you may not feel like a natural salesperson or the best at communicating what you have to offer, and that’s okay. Just a few small tweaks can make a huge difference in how your clients and prospects feel about you.

Make things simple to understand. Present only HIGH-LEVEL findings of what you found looking at the client’s situation. Focus on the RESULTS and painting a picture of the scenario they’re looking for. Relate your solution and recommendations back to their biggest pains and their strongest desires, and how it will help them reach their most important goals.

In reality, people don’t care about the details (example: what forms you’ll fill out) as long as they’re confident you will get them results and you can solve their problems. So give them certainty! You can say, “I’m 100% confident I can help you solve X, Y & Z with moving forward with this plan.”

Step 3: Ask for the engagement and get paid 

If you’ve done the first two steps the right way, you’ve likely already led them to a yes! Now it’s time to invite them to enroll with you on the spot and wait for their response.

There’s no quote or proposal. No price negotiations. Just the invitation to work together that sounds something like: “Let’s get started and review the engagement letter and invoice together right now.”

A solid engagement letter will eliminate any confusion for you AND the client about what is being provided and how it’s being delivered. You can let the numbers and what is in writing (not you) do the talking!

Always have the engagement letter ready at the time of a sales meeting, and be ready to accept payment so you can get paid before you do any work!

These simple steps will help you to double their firm revenue while working FEWER hours and eliminate the exhaustion and burnout for good. 

Michelle Weinstein

Michelle Weinstein is a time-tested entrepreneur, master of selling, and founder of The Pitch Queen and The Abundant Accountant. In her 20 years of sales experience, she’s worked with multiple CEOs at billion dollar companies, landed contracts with national retailers such as Costco and The Vitamin Shoppe, and pitched her way onto ABC’s Shark Tank. Her business journey started in finance, which is why her mission today is to help accountants, EAs, CPAs, and bookkeepers discover their true value, and sell high-level services to their clients with ease and confidence. More from Michelle Weinstein: https://accountants.intuit.com/taxprocenter/author/michelleweinsteintax/ More from Michelle Weinstein

Leave a Reply

Your email address will not be published. Required fields are marked *